Did you know that your business has the potential to increase revenue with a minimal incremental cost? To determine if your business is ready to scale it is important to know that you have a proven product and proven business model to expand into new geographies and markets. The following tips will be a great starting point for your organization.
Build a strong team to take yourself out of the critical path. If you are still spending most of your time working “in” your business, rather than “on” your business, then you are not yet ready to scale.
Outsource what is non-strategic to optimize leverage. Smart entrepreneurs never outsource their core competency, and never rely on intellectual property they don’t own. Scaling requires leveraging outside resources.
Automate to the max. A startup that is labor intensive and staff intensive is not scalable. Start early looking at production automation and proven process technologies. Document processes and build online training videos so new people can come online quickly and consistently.
Written by Tamara Rogers – Fractional COO – Turn On Your Success LLC